Colorado Real Estate Journal - December 17, 2014
Killin Properties LLC of Holyoke recently paid $4.9 million for a four-story, 30,644-square-foot office building at 1576 Sherman St. in Denver. “It is two blocks from the state Capitol and is a marvelous building built around 1956,” said Tony Leuthold, principal of the Leuthold Group. He represented the sellers in the transaction with his son, David. Jim Rhye of Kentwood Real Estate represented the buyers, who were doing a 1031 exchange, Tony Leuthold said. “Jim did a great job; he was extremely competent,” Leuthold said.
At the time of the sale, the building was 91 percent leased by Tetra Tech, a civil engineering firm, he added. The seller was an investment group that purchased and “totally rehabbed” it in 2003, Leuthold said. The building was designed by Denver architect James Sudler. Sudler would later design the North building at the Denver Art Museum with Italian architect Gio Ponti. “It is sort of midcentury modern building,” Leuthold said. “It’s pretty cool.” The building sold for a 7.1 percent cap rate and about $160 per sf, Leuthold said.